RonBlair Tax Research, Planning and Practice ACCT 6356.
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Transcript of RonBlair Tax Research, Planning and Practice ACCT 6356.
RonBlair
Tax Research, Tax Research, Planning and Planning and
PracticePracticeACCT 6356
RonBlair
Tax PracticeTax Practice ACCT 6356: Tax Research, Planning and Practice
Text: West’s Federal Tax Research, 6E, Raabe, Whittenburg, Sanders and Bost
ISBN: 0-324-12385-X Lecturer: Art Agulnek, CPA
– 972-883-xxxx– mailto: [email protected]– [email protected] – Office: AHE 124 By Appointment.
Time: Thursday 7:00 – 9:45p.m. Fax: 972-867-4245
RonBlair
Tax law derives from many Tax law derives from many disciplinesdisciplines
Law– Interpretation– Litigation
Accounting– Interpretation– Application
(cont’d)
RonBlair
Disciplines Disciplines (cont’d)(cont’d)
Economics
Politics
Sociology
RonBlair
Tax Policy – Who Makes It?Tax Policy – Who Makes It?
Made by: Administration / Treasury
Impacted by:
General public acceptance
(All the disciplines discussed)
RonBlair
Tax Policy – Who Makes It?Tax Policy – Who Makes It?
Made by: Administration / TreasuryImpacted by:
– General public acceptance– (All the disciplines discussed)
RonBlair
Tax PracticeTax Practice
Tax Practice:= Application of the enacted legislation to
specific accounting situations.
Or, more simply stated – application of facts to the law.)
RonBlair
Elements of a Tax PracticeElements of a Tax Practice
Tax ComplianceTax PlanningTax LitigationTax Research
RonBlair
Tax ComplianceTax Compliance
Gathering pertinent informationEvaluation of the informationClassification of the same information Preparation of returns and other documentsRepresentation of clients before IRS in an
“administrative proceeding.”
RonBlair
Tax PlanningTax Planning
Purpose – Optimization Arranging one’s financial affairs in a manner
as to optimize any tax liability. “…. There is nothing sinister in so arranging one’s
affairs as to keep taxes as low as possible. ………. for nobody owes any public duty to pay more than the law demands: taxes are forced extractions, not voluntary contributions.” (Justice Learned Hand, Comm. V. Newman, 159 F.2d 848 [CA-2, 1947]).
RonBlair
Tax Planning Tax Planning (cont.)(cont.)
Tax avoidance vs. Tax evasion– Avoidance – planning, optimization– Evasion - A matter of “intent” to defraud the
government
Open transactions vs. Closed transactions
RonBlair
Tax Planning Tax Planning (cont.)(cont.)
Two major categories – when would you like your client to come see you?
Open transactionClosed transaction
RonBlair
Tax LitigationTax Litigation
Process of settling a tax dispute in a court of law. Generally handled by an attorney once a dispute
becomes within the jurisdiction of a Federal court. CPAs are beginning to infringe on lawyers’
historical role. Accountants play an important role in an advisory
or support capacity.
RonBlair
Tax ResearchTax Research
Identify / define the issuesDetermine the authoritiesEvaluate the authoritiesApply the authorities to the facts
RonBlair
Practice before the IRSPractice before the IRS
Authority – Circular 230Authorizes
– Attorneys– Certified Public Accountants– Enrolled Agents– Enrolled Actuaries
But what about Return Preparers?
RonBlair
Questions?